If a fiduciary or the nominee of a fiduciary in whose name are registered, or are to be registered, any shares of stocks, bonds, or other securities of any public or private corporation, company, other association, or of any trust, applies for the registration or transfer of the shares, then the corporation, company, other association, or any of the managers of the trust or its or their transfer agent, is not bound to inquire whether the fiduciary or nominee is committing a breach of his or her obligation as fiduciary or nominee in making the registration or transfer nor to see to the performance of the fiduciary obligation. The corporation, company, other association, or any of the managers of the trust, or its or their transfer agent, are liable for the registration or transfer only where the registration or transfer is made with actual knowledge that the fiduciary or nominee is committing a breach of trust in requesting the registration or transfer or with knowledge of the facts that its or their participation in the registration or transfer amounts to bad faith.
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